Group Life Insurance

This University-paid benefit provides life insurance coverage for all Faculty, Professional and Scientific, Merit Supervisory Exempt, Merit Confidential, Merit, and House Staff.  This coverage is for the employee only.

Mandatory Participation

Participation in the University’s group term life insurance program is a condition of employment for regular University faculty and staff members who hold a 50% time or greater appointment. Coverage is required. No Statement of Health or physical exam is required for this program.

Schedule of Life Insurance

Your annual benefits salary determines the amount of life insurance coverage.  If your salary is not an even thousand dollars, it is rounded to the next highest thousand dollars, and then multiplied by the coverage desired. The maximum amount of obtainable group life insurance is $400,000.

House staff are automatically covered by Group Life Insurance at 2 times their annual budgeted benefits salary as a function of their employment.

Merit Staff hired prior to July 1, 2017 are automatically covered by Group Life Insurance at 2 times their annual budgeted benefits salary as a function of their employment. Effective January 1, 2018, Merit Staff may choose from the following amounts of Group Life Insurance: $50,000, 2 times, 2 1/2 times, and 3 times salary.

Staff in the following employment groups may select Group Life Insurance in the amount of $50,000, 2 times the annual budgeted benefits salary, 2 1/2 times the annual budgeted benefits salary, or 3 times the annual budgeted benefits salary:

  • Faculty
  • Professional and Scientific
  • Merit Supervisory Exempt and Merit Confidential Staff
  • New Merit Staff with a hire date on or after July 1, 2017
  • Merit Staff hired prior to July 1, 2017 (Effective January 1, 2018)

Life insurance proceeds are divided between primary beneficiaries. Contingent beneficiaries only receive proceeds if there are no living primary beneficiaries.

Cost

The cost is $.39 per thousand of coverage per month.

The University contribution to the cost is equal to the cost of 2 times the rounded annual budgeted benefits salary for all benefits-eligible employees.

Staff in the following employment groups who elect additional coverage will pay the difference between the cost of their elected coverage and the cost of 2 times the rounded annual budgeted benefits salary. 

  • Faculty
  • Professional and Scientific
  • Merit Supervisory Exempt and Merit Confidential Staff
  • New Merit Staff with a hire date on or after July 1, 2017
  • Merit Staff  hired before July 1, 2017 (Effective January 1, 2018)

Staff in the following employment groups whose salary is over $25,000, who elect to receive only $50,000 in life insurance may receive an additional $40 per month in Shared Savings Credits.

  • Faculty
  • Professional and Scientific
  • Merit Supervisory Exempt and Merit Confidential Staff
  • New Merit Staff with a hire date on or after July 1, 2017
  • Merit Staff  hired before July 1, 2017 (Effective January 1, 2018)

Taxable Life Insurance

The Internal Revenue Service (IRS) has determined that if an employer allows employees access to life insurance in excess of $50,000, the amount in excess of $50,000 has a value to the employee and is taxable.

Additional Information/Forms